The Bank of England has explained what will happen to Queen Elizabeth notes now that Charles is King.
Current bank notes featuring a portrait of the Queen will continue to be legal tender.
However, a further announcement regarding notes will be made once the period of mourning has been observed following the Queen’s death.
Governor of The Bank of England Andrew Bailey confirmed the building at Threadneedle Street will fly a flag at half-mast as a mark of respect following the Queen’s death.
The Queen was the first monarch to feature on Bank of England banknotes
There will be new coins and notes which will have to be designed and printed – but these are unlikely to appear in general circulation for a while.
The Royal Mint advisory committee has to send recommendations for new coins to the Chancellor and obtain royal approval.
Once the designs are then chosen, the final choices are approved by the Chancellor and then the King.
UK currency: When will money change and can I still use Queen coins and notes?
Current bank notes featuring a portrait of the Queen will continue to be legal tender.
New currency will eventually be printed and distributed out all over the UK, with the old currency gradually phased out when they are eventually worn out.
Whilst The Queen’s coins did not appear until 1953, the year after her accession, the coins are expected to stay in use until they are gradually phased out and replaced.
Governor Andrew Bailey said: “It was with profound sadness that I learned of the death of Her Majesty The Queen.
“On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family.
“For most of us, she is the only head of state we have ever known, and will be remembered as an inspirational figure for our country and the Commonwealth.”
The building at Threadneedle Street will fly a flag at half-mast as a mark of respect.
